more banker bashing

MORE BANKER BASHING


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I’m not so different than all my minions. Oh, I know that you all secretly worship my hair ( some of you not so secretly which is embarrassing at times ), and wish you could either be just like me ( the males ), or wish to have my spawn ( the ladies ). But I am a mere mortal. I’d claim semi-deity status, but the story and movie “The man who would be king” left a lasting impression on me ( Sean Connery in one of his best, for the movie version ). Don’t claim to be a god or the teeming minion army will eventually take offense and try to kill you. As a mere mortal, a red blooded American, I lusted after a violent end to civilization ( don’t be ashamed to admit you WANT the end to be nigh. There is nothing wrong with wanting to cleanse the gene pool ). Something sexy like a comet hit or global thermonuclear war. Something Doctor Strangelovean. Hell, I would have settled for the oil pumps drying up and one huge spastic rioting and looting episode followed by bubbling stew pots. So what do we get instead? Bankers choking on their own ocean of worthless paper. So boring, it is a Rawlesian ending. I have maintained all along that the bankers are in charge. Long before the current housing bubble/derivative implosion/Euro mess. The bankers are in charge, they ( s )elect the politicians, and corporations get the sloppy thirds. And even though Obammy is a half breed Muslim from Uganda or some such place, I mostly hate him for being a bitch for the bankers. Sure, I’m a bit jealous. Give me half a million a year and I’ll be anyone’s stoolie also. I’d grin ear to ear as I was bending over the little people and violating them without lube. I would gladly be a flea bitten cur, drooling for my masters favors and treats. I’d flop on my back, expose my genitalia, pee on myself in excitement and then go out and attack whomever I was told to.

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Obammy, may his tanned hide bake in the fires of Hell for all eternity, is making absolutely no secret of who his masters are this week, dragging out with great fanfare his student aid plan and his mortgage refinance plan. Without going into too much detail, you are offered, distilled down to the basics, the once in a lifetime opportunity to lock in a lifetime of debt servitude. So your interest rates are lower, or your lower payment is stretched out longer. Big friggin deal. A lower interest rate in just the bankers way of making a smidge less money off you. But they aren’t doing you any favors. They are taking a bit less so you don’t go bankrupt and give them nothing ( in the case of the mortgages. Student loans are not dischargeable ) or just go jingle mail on them. In the case of the student loans, rather than throw you in jail where you will cost the bankrupt municipality money, they take a bit of a haircut due to inflation on a loan that takes you longer to pay back. They still make money. Because every cent the bankers loan was free money to them. It was created out of thin air. It isn’t gold coin they will lose. It is a bookkeeping entry only. If you default on a bankers loan, you aren’t cheating them. They didn’t give you real money. Nor is it like credit a grocery store gives you in between jobs. The store paid for those groceries first, then gave them to you on time payments. The central bank says to the central government, go invade oil country A. The taxpayers paid for that. Then, the oil enters the economy and as energy creates goods. The bankers increase the money supply to match the increased follow through of the economic activity. Or, the central bank tells the central government to outlaw drugs. The drug dealers go to the bankers and deposit cash. The bankers use that amount to start their magic fractional reserve money creation ( each step of the way a dollar is used, that dollar is loaned out eight or more times, only a few percent being kept on hand as collateral ). It isn’t real money. You can walk away from your loans, if legal, without feeling any moral compunction about cheating a thief.

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As I keep saying, get out of debt. Pretty soon, mortgages will be inflation indexed to force you to pay more, or, mortgages will become like student loans. Or, debtors prisons will be reestablished. Or all. The central government has taken over the liabilities of $75 trillion of Bank Of Americas derivatives exposure. They are saving the bankers by forcing everyone to buy health insurance. They are guaranteeing student loans, home loans and car loans. If you are a town, city, county or state that is bankrupt, the only relief the federal government offers you is a Greece Special. MORE debt, but at a lower interest. More hair of the dog toxin. The only way that any financial change is taking place is MORE debt, MORE inflation, MORE government mandates. MORE of the same and business as usual. If you don’t get out of debt, your odds of financial doom is multiplied exponentially. We will all get screwed, but debt will definitely give you no options to mitigate the effects. Before, being out of debt was good advice, just on general principles. Now, with solid examples of the government doing nothing to help everyone else but willing to do anything ( such as doubling the nation debt in a mere few years ) for the bankers, you had best assume the worse. There will be few if any concentration camps here. Too expensive. But there is definitely going to be a 99% indentured servitude to the bankers.

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